Elliott Wave Trading

And labels for EU m30...
Now let's what will happen .

I have 2 different counts on the EUR/USD Chart.

my main and favored count is in blue, the count implies that, Wave 5 is in completion, supported by possible daily divergence. Area to watch for reversal for ABC is at 1.4000, and possibly 1.3800

my alternative count is in yellow labeled as ALT, indicates that we will be seen another strong and impulse wave all the down to 1.3000 area without much retracement.

Thanks MagicTrader for sharing these charts with us on the forum, it is really help for newbies like me who still trying to learn Elliott Wave Theory.

Do you think this is Wave 5 of bigger wave A, or it is way A & B complete and C is going down???

Thanks.

Hi
First of all, i want to apologize if someone else put this analyse beforehand and i didnt see it.
dear Magidctrader could it be true analyse? and is any high probability for trend reversal in where i determined both in time and price?
thanks

EURGBP daily

Looking on correlation it's rather ABC or 123 then and of wave 5, because there is no proportion between wave 1 and 5 (it's to big).

EURGBP could be something like this:

there is key channel, and could be one up correction and then move to support area 78,6-88,6. But the channel is most important I think.

subjectivity is objectivity
12345 abc 12345 abc........http://borneofxsabah.blogspot.com/

[quote=magictrader;3386240]EURGBP could be something like this:

thank you
you are right
i was not aware of channel

Looks like USDCAD is making wave v in wave 3 in wave 3, which means that new bottom during the asian session on EU was just only a part of wave iv and now it could make wave v down...

non trading condition
1.EW
2.trendline
(channeling)
3.pair correlation.
some pair maybe at the peak means bottom for another...pair.
(if there divergence w3 and 5 , trendline break , channel break , ma crossover turning,candlestick formation ) .
4. keep channel building with a?1? b?2? c?3?

during trade.
no analysis!
we just waiting wave 3 to built up , wave 4 to wave 5 are only for profit taking.thats what trailing stop loss review activated.

most of all be patient until market readable.
Dont trade druing news!

maybe yes maybe not??? 1?2?3?4?5?a?b?c?

Labels are only for fun . To show how this Theory could work, I don't trade every label I mark .

EU continuation...

hi
Kambooj

do u have any other books u can recommend to read about pitchfork method and eillott wave? thank you for shairing all the imformation

http://i817.photobucket.com/albums/z...ngtriangle.jpg

Hi Magic, nice charts by the way.

I'm new to elliott wave but I see the same count as you down to iii. I think instead of a wave v we are perhaps seeing a running triangle in the making. I say that because I cannot see five subwaves and your wave v is less than waves i through iii and wave i. I am unsure whether the triangle is appropriate as I think perhaps it would take to much time. I think there is a time ratio in EWP that says wave v tends towards the same time to form as wave i or iii?

That was nice .

But on m1 there is first 12345 impulsive structure so look out for next counts... But this could be wave C in correction...

Possible target for this downtrend move:
1,4
big wave C = 61,8 A
in wave C, possible wave 5 = 61,8 of wave 1...

Hello Magic,

What's your opinion about GU looking at the hourly chart.

Thanks.

subjectivity is objectivity
http://borneofxsabah.blogspot.com/

wow you picked the best time to go long on gu lol

Some possibility on EU...

There is another book too:

Trading With Median Lines By Timothy Morge

http://www.medianline.com/books.html


I dont use the pitch fork method but I use the concepts that are presented in Alan Andrews book, and also Timothy Morge talks about the same concepts in a different light.

As far as my own set of rules is concerned for trendlines they are as follows:

1. Golden Rule:
Every market movement no matter what it is has to fall on a trendline. These can be internal trendlines, which basically mean they can be drawn across the paths of motion, or they can be external trendlines, meaning that they can be drawn around the boundaries of highs and lows.

2. If a market motion does not fall on a trendline, then its not finished its full move

3. If a market motion hesitates around a external trendline then it will break that trendline 99% of the time.

4. Once a market makes a high or a low, in order for it to switch directions it will have to go through a even number of ups and downs. In order for it to continue in the original direction it has to go through a odd number of ups and downs. This means that if lets say a High has been made at point X, then we have a down (thats #1), then we have a up (thats #2). Now at #2 it has to switch the trend from up to down. If it doesnt then we have a down (thats #3). Now at #3 we have to get a higher high. If we dont then we have 1 more up (thats #4), Now at #4 the trend has to change to down, and so on. if you look at any chart, you notice that at the even number of iterations of ups and downs there is a high probability that the main bigger trend will change and when we have a odd number of iterations we have trend continuing in the original direction. This concept has to be taken into account with some form of elliot wave count. The count need not be accurate, the observation should. A market can go indefinetly through a odd number of iterations before the main trend continues. This means that for waves 2 and 4 you can have a ABC, ABCDE, ABCDEFG, ABCDEFGHI, etc corrections. I have seen up to 11 sequences of ups and downs. So this contradicts the original theory of Elliot Wave where it says that you can have a 3 wave correction or a 5 wave correction.

5. Trendlines need to be drawn all at the same angle 80% of the time. A market moves through these lines of motions at the same angle, but at different levels.

6. A false break of a trendline is 15-20% of the width of the trendline added to either side

7. The center trendline as Alan Andrews talks about it, is the deciding factor that tells you whether motion will go toward up or down. Aside from the center trendline in some instances you can have a center band of trendlines.

8. In rangebound market such as complex flat formation, you need also horizontal trendlines that divide the trading zones into 3 zones, the upper 30%, the lower 30% and the mid 40%. Trading has to be done in this way: Buy at the lower 30% and sell at the upper 30%.

9. Practice is the only thing that makes you good. Even if you have all the knowledge and dont practice for about 1 hour every day drawing all sorts of trendlines you wont get good.

10. Behaviour towards trendlines is much more important than the Elliot Wave count. I trash my count anytime that I dont see the proper behaviour toward a specific trendline.

Good Luck Trading